Sloane ChildPrincipal
New Elsewhere Outlier: BurstIQ
Blockchain-Based Platform Targeting the Healthcare Sector
After extensive research in the enterprise blockchain market, we determined the best applicable use case for emerging blockchain technology was in the healthcare sector given the increasing need for security, privacy, and scalability of healthcare data infrastructure across all levels of the care network.
According to Allied Market Research, the healthcare data analytics market is estimated to reach $68B by 2025 driven by the increasing need for provider networks, hospitals, and information exchanges to utilize healthcare data to optimize processes in a secure and compliant manner. Moreover, in a 2019 survey completed by NewVantage Partners, more than 75% of healthcare C-suite executives are increasing their pace of investment in healthcare big data and AI to enable business transformation and increased agility.
BurstIQ boasts several marquee enterprise healthcare customers, demonstrating its ability to create meaningful value for some of the industry’s most prominent stakeholders. The software company’s platform targets the specific and complex needs within the healthcare data analytics market. The technology platform, “BurstChain,” provides seamless data sharing, end-to-end rights management, an indisputable chain of custody, and advanced security protocols all built on a private blockchain. BurstChain enables direct, stable and scalable value propositions across the healthcare ecosystem.
The Newest Elsewhere Outlier: BurstIQ
We are thrilled to announce our $5.5 million Series A investment in BurstIQ to fast-track go-to-market acceleration and product innovation. This financing marks BurstIQ’s first institutional funding round. Since its founding in 2015, the business has been bootstrapped, profitably scaling to millions in revenue. The founders of BurstIQ, Frank Ricotta (CEO) and Brian Jackson (President), have closed key enterprise customers including Empiric Health and MGMA, developed a truly cutting-edge product, and built a first-class team.
Elsewhere Advisors Josh Stephens and Peter Kirby were crucial in helping us source and diligence the BurstIQ opportunity. Peter’s prior experience as CEO of Factom and Josh’s prior experience as VP Technology at SolarWinds gave us the technical depth to evaluate the product offering, its underlying blockchain architecture, and its scalability for enterprise use.
We are excited to capitalize on this incredible market opportunity and partner with BurstIQ for its next phase of growth.
Please read more about our investment here (press release).
About the Author
Sloane Child
Sloane is a software investor at Elsewhere Partners where she focuses on diligence, deal execution, and portfolio value creation. Previously, Sloane worked in Business Operations for a VC-backed startup and invested in business services companies at General Atlantic. A native Texan, Sloane is passionate about bringing capital and operational expertise to software companies outside of traditional venture hubs.